Pitney Bowes Announces Second Quarter 2014 Results

 
Pitney Bowes Inc.
Consolidated Balance Sheets

(Unaudited in thousands, except per share data)

   

Assets

June 30,
2014

December 31,
2013 (1)

Current assets:
Cash and cash equivalents $ 1,005,901 $ 907,806
Short-term investments 23,976 31,128
 
Accounts receivable, gross 423,103 482,949
Allowance for doubtful accounts receivable   (13,589 )   (13,149 )
Accounts receivable, net 409,514 469,800
 
Finance receivables 1,071,415 1,127,261
Allowance for credit losses   (22,852 )   (24,340 )
Finance receivables, net 1,048,563 1,102,921
 
Inventories 101,252 103,580
Current income taxes 31,580 28,934
Other current assets and prepayments 125,540 147,067
Assets held for sale   46,976     46,976  
 
Total current assets 2,793,302 2,838,212
 
Property, plant and equipment, net 242,742 245,171
Rental property and equipment, net 215,793 226,146
 
Finance receivables 885,818 974,972
Allowance for credit losses   (10,819 )   (12,609 )
Finance receivables, net 874,999 962,363
 
Investment in leveraged leases 33,431 34,410
Goodwill 1,728,385 1,734,871
Intangible assets, net 102,760 120,387
Non-current income taxes 66,598 73,751
Other assets   538,073     537,397  
 
Total assets $ 6,596,083   $ 6,772,708  
 

Liabilities, noncontrolling interests and stockholders' equity

Current liabilities:
Accounts payable and accrued liabilities $ 1,504,887 $ 1,644,582
Current income taxes 191,687 157,340
Notes payable and current portion of long-term obligations 274,879 -
Advance billings   439,038     425,833  
 
Total current liabilities 2,410,491 2,227,755
 
Deferred taxes on income 39,509 39,701
Tax uncertainties and other income tax liabilities 166,920 190,645
Long-term debt 2,964,843 3,346,295
Other non-current liabilities   436,194     466,766  
 
Total liabilities   6,017,957     6,271,162  
 
Noncontrolling interests (Preferred stockholders' equity in subsidiaries) 296,370 296,370
 
Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible 1 4
Cumulative preference stock, no par value, $2.12 convertible 563 591
Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 172,565 196,977
Retained Earnings 4,778,506 4,715,564
Accumulated other comprehensive loss (559,351 ) (574,556 )
Treasury Stock, at cost   (4,433,866 )   (4,456,742 )
 
Total Pitney Bowes Inc. stockholders' equity   281,756     205,176  
 
Total liabilities, noncontrolling interests and stockholders' equity $ 6,596,083   $ 6,772,708  
 
(1)   Certain prior year amounts have been revised.
 

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